Softlogic Life grows by 28% recording GWP of Rs. 5.3 b in 9 months

Softlogic Life Insurance PLC has more than doubled market growth recording Gross Written Premiums of Rs. 5.283 billion an increase of 28.3% for the nine months ending September 2017 compared with the previous year. The profit after tax for the company for nine months was Rs. 755 million compared with Rs. 909 million the previous year. The company did not undertake a Surplus Transfer for the third quarter (Rs. 310 million was transferred in Q3 2016) and will do so with the full year valuation for 2017. Total Assets of the Company were at Rs. 11.3 billion compared with Rs. 9.9 billion the previous year.

The company has consistently doubled industry growth over the last five years and the average annual premium value recorded now exceeds Rs. 100,000 leading to superior persistency and higher margins on Insurance products that are attractively tailor made to fit the requirements of customers. The company foresees significant potential in the Life Insurance market where growth has crossed into double digits over the past 18 months. To keep itself ahead of the industry the company plans to expand its business by diversifying its distribution channels, enhancing technology and will be looking to augment its capital requirements to meet future growth. 

Softlogic Life operates through 80 locations around the country the and opened five branches during the 3rd quarter in quick succession as a milestone that further testifies to the fact that the company is dedicated to strategically expanding its reach to enable its special blend of products to be accessed by all Sri Lankans throughout the length and breadth of the country.

The company has optimised technology to deliver superior customer service with its very special ‘One Day Claim Service’ where over 85% of claims are settled in one single day. Softlogic Life customers also have access to special benefits that include; Doctor at your doorstep, Medicine Delivery and Emergency Medical Assistance in collaboration with the Group’s Asiri Hospitals.

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.